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  • Benefits: Risk Management Benefits and Success Measures

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    asifsubhan
    24 Ansichten2 Seiten
    The document outlines numerous benefits and success measures of risk management. It lists benefits such as enhancing reputation, increasing the chances objectives will be achieved, facilitating better business planning, and reducing adverse media coverage. Success is measured by reductions in waste, costs, insurance premiums, external audit costs, complaints, and absenteeism as well as more objectives being achieved and positive satisfaction surveys. Risk management helps improve strategic decision making, compliance, and overall organizational performance.

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    benefitsandresults

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    The document outlines numerous benefits and success measures of risk management. It lists benefits such as enhancing reputation, increasing the chances objectives will be achieved, facilitating better business planning, and reducing adverse media coverage. Success is measured by reductions in waste, costs, insurance premiums, external audit costs, complaints, and absenteeism as well as more objectives being achieved and positive satisfaction surveys. Risk management helps improve strategic decision making, compliance, and overall organizational performance.

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    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    24 Ansichten2 Seiten

    Benefits: Risk Management Benefits and Success Measures

    Hochgeladen von

    asifsubhan
    The document outlines numerous benefits and success measures of risk management. It lists benefits such as enhancing reputation, increasing the chances objectives will be achieved, facilitating better business planning, and reducing adverse media coverage. Success is measured by reductions in waste, costs, insurance premiums, external audit costs, complaints, and absenteeism as well as more objectives being achieved and positive satisfaction surveys. Risk management helps improve strategic decision making, compliance, and overall organizational performance.

    Copyright:

    © All Rights Reserved
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 2

    Risk Management benefits and success measures

    Benefits

    Enhances reputation More innovation


    Increase chances of objectives being More informed decisions
    achieved
    Better strategic awareness Greater comfort to senior mgt
    More consistent approach Facilitates better business
    planning
    Focus more on the big picture Facilitates sensitivity analysis
    Enforces ownership Encourages thinking out of the
    box
    Less adverse media coverage Better corporate awareness
    Help change culture Better information transfer
    Identify the key risks and opportunities Better info for Chief Exec
    Formal documentation of risks Enforces risk ownership
    Share knowledge of controls Avoid embarrassing systems
    failures
    Identify gaps Enhances understanding of
    vulnerabilities
    Forces prioritisation of resource usage Learn from mistakes
    Challenge processes Break down barriers
    Challenge the status quo Better coordination
    Understand others roles better Reduce duplication
    More satisfied staff Less Bureaucracy
    Encourages people to think Reduce scrutiny
    More effective use of resources Helps IA profile
    Manage complaints better Compliance with governance
    agenda
    Enhance communication Enhance asset protection
    Break down silos Regular review and monitoring
    More proactive outlook Demonstrate delivery to
    external bodies
    More confidence Potential lighter touch from
    external regime
    Breeds more openness Enhanced assurance
    Improve service delivery Reduce surprises
    Better project planning Better Business Continuity
    planning
    Results/Measures

    Reduction in waste Reduction in cost of risk –


    claims
    Savings in insurance Reduction in stress
    Reduce external audit costs More upper quartile delivery
    Projects delivered to time to cost Annual audit letter positive
    Reduce complaints Better contract prices etc
    Reduce staff turnover Better satisfaction surveys
    Less absenteeism Fewer adverse press articles
    Fewer rethought decisions Fewer IA recommendations
    Backing more winners – contracts etc Fewer regulatory visits
    Reduction in legal challenges Risk register kept up to date
    Increased % of Objectives achieved Reduction in risk matrix score
    Corp governance statement better Corporate policies enhanced
    substantiated
    Better league table position Less disasters and surprises
    Reduction in cost of risk - uninsured Corp Gov compliance
    losses claims etc demonstrated
    Reduction in proven complaints Cost reduction in
    contingency funds
    Increased funding Reduction in over managed
    controls
    Reduction in absenteeism Positive feedback by external
    agencies
    Reduction in fraud Favourable external
    inspection reports
    Risk reduction for critical risks Higher public satisfaction
    Consistent risk assessment Extra funding re partnerships
    methodology

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